Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Act 2018 (106 of 2018)

Schedule 1   Amendments

Part 1   Main amendments

Corporations Act 2001

13   After subsection 201A(1)

Insert:

(1A) However, a proprietary company must have at least 2 directors while the company has one or more CSF shareholders. Of those directors:

(a) if there are only 2 of them - at least one of them must ordinarily reside in Australia; or

(b) otherwise - a majority of them must ordinarily reside in Australia.

Note: The company must also have at least 2 directors when making the CSF offer (see paragraph 738H(1)(a)).